Superstate raises $82.5 million! Blockchain IPO disrupts traditional listing

Superstate B Series Financing of $82.5 million led by Bain Capital Crypto. The funds will be used to build an on-chain IPO issuance layer on Ethereum and Solana, allowing companies to directly issue regulated stocks on the blockchain. Superstate currently manages $1.23 billion in assets and achieves real-time settlement as a registered SEC transfer agent.

Top Institutional Backers Behind the $82.5 Million Series B Funding

According to a press release obtained by Cointelegraph, this round of financing was led by Bain Capital Crypto and Distributed Global, with participation from Haun Ventures, Brevan Howard Digital, Galaxy Digital, Bullish, ParaFi, and several other investors focused on cryptocurrencies.

The lead investment from Bain Capital Crypto is significant. Bain Capital is one of the world’s largest private equity firms, and its involvement in the crypto investment division signals traditional financial institutions’ recognition of blockchain technology’s application in capital markets. Distributed Global, another lead investor, specializes in blockchain infrastructure investments, demonstrating confidence from professional crypto investment firms in Superstate’s business model.

Haun Ventures was founded by former Andreessen Horowitz partner Katie Haun and is one of the most influential investment firms in the crypto space. Brevan Howard Digital is the digital assets division of hedge fund giant Brevan Howard, managing billions of dollars in crypto assets. Galaxy Digital, founded by Mike Novogratz, is a crypto financial services company with extensive experience in tokenization and digital asset custody.

The participation of these top-tier institutions not only brings capital but also provides dual networks from traditional finance and crypto sectors. Superstate CEO Robert Leshna stated, “This year, tokenization will accelerate the transformation of capital markets.” He added, “We appreciate our partners; their support has enabled us to grow a top-tier team and product, and to realize our ambitious goals.”

A Solid Foundation with $1.23 Billion in Assets Under Management

(Source: Superstate)

According to its official website, Superstate currently manages over $1.23 billion in assets, distributed across two tokenized funds. Most of the funds are concentrated in the U.S. Government Securities Fund (USTB), with approximately $794.6 million in assets and a yield of 3.52%; while the Cryptocurrency Arbitrage Fund (USCC) has about $441.9 million in assets with a higher yield of 5.58%.

This asset management scale provides a solid foundation for Superstate’s entry into the IPO issuance platform. First, the $1.23 billion scale demonstrates that Superstate has successfully attracted the trust of institutional investors. In the field of tokenized assets, this scale makes Superstate the second-largest participant after BlackRock’s BUIDL fund.

The U.S. Government Securities Fund (USTB) is Superstate’s flagship product. It invests in short-term U.S. Treasuries and tokenizes these assets, allowing investors to hold and trade tokens representing Treasuries on the blockchain. The 3.52% yield, while slightly lower than traditional money market funds, offers a low-risk option for crypto-native investors seeking on-chain returns.

The Cryptocurrency Arbitrage Fund (USCC) yields 5.58%, significantly higher than USTB. This fund likely employs market-neutral strategies, arbitraging price differences across exchanges or markets. The higher yield attracts risk-tolerant investors but also involves more complex strategies and potentially higher risks.

The successful operation of these two funds has accumulated valuable regulatory and operational experience for Superstate. As an SEC-registered investment advisor and transfer agent, Superstate has established a comprehensive compliance framework, laying a crucial foundation for expanding into more complex IPO issuance services.

Building a Complete On-Chain IPO Issuance Layer

Superstate is constructing a full on-chain issuance layer for SEC-registered stocks on Ethereum and Solana. The New York-based company also revealed plans to expand its transfer agent platform and Opening Bell—a platform for tokenized public stocks—to support more issuers, workflows, and distribution channels.

By the end of 2025, Superstate will have expanded its Opening Bell platform to support direct issuance programs, allowing listed companies to directly issue and sell digital stocks to investors on public blockchains. This direct issuance model bypasses traditional underwriters and intermediaries, significantly reducing IPO costs and timelines.

As a registered transfer agent with the SEC, Superstate manages issuance, settlement, and ownership records on-chain, enabling real-time updates of transactions and ownership. The company states this replaces slow manual processes, increasing the efficiency of fundraising and IPOs while ensuring compliance.

Traditional IPO processes are extremely complex and time-consuming. From deciding to go public to final trading, it typically takes 6 to 12 months, involving underwriters, roadshows, pricing, and allocations. The process is costly (underwriting fees usually amount to about 7% of the raised funds) and prone to information asymmetry and conflicts of interest.

Superstate’s on-chain IPO platform aims to fundamentally change this process. On the blockchain, stock issuance, distribution, and trading can be automated through smart contracts, ensuring all steps follow predefined rules. Settlement times are shortened from the traditional T+2 (two business days after trade) to instant, with ownership records updated in real-time and tamper-proof. This efficiency is especially attractive to small and medium-sized enterprises, which often cannot afford the high costs of traditional IPOs.

Choosing Ethereum and Solana as deployment platforms is a deliberate decision. Ethereum is the leading smart contract platform with the most mature DeFi ecosystem and developer community. Solana is known for its high throughput and low transaction fees, making it more suitable for handling large volumes of transactions. The dual-chain strategy allows Superstate to serve different customer needs and reduce risks associated with relying on a single platform.

Explosive Growth in Tokenized U.S. Treasuries Market

As reported by Cointelegraph, tokenized U.S. Treasuries have become one of the fastest-growing sectors in the real-world asset market, increasing nearly 50 times in less than two years as institutions seek on-chain yields. The industry’s market cap grew from less than $200 million at the start of 2024 to nearly $7 billion by the end of 2025.

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) leads the market, providing tokenized exposure to short-term Treasuries, achieving daily yields and on-chain settlement, with nearly $2 billion in assets. This figure indicates that institutional acceptance of tokenized assets is rapidly increasing.

Multiple factors drive the growth of tokenized U.S. Treasuries. First, U.S. Treasuries are considered risk-free assets, and their tokenized versions offer crypto investors a stable income source with far lower risk than most DeFi protocols. Second, tokenized Treasuries can be traded 24/7, with liquidity far surpassing traditional Treasuries. Third, on-chain settlement and transparent ownership records reduce counterparty risk and operational costs.

Superstate has already secured a position in this rapidly expanding market, with its USTB fund managing $794.6 million, making it the second-largest after BlackRock. This successful experience lends credibility and regulatory expertise as Superstate advances into IPO issuance services.